NASDAQ: SMTK
SmartKem, Inc.CIK 0001817760 · SIC 3674 · Semiconductors
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revenue $20,000, net income -$19.4M. SmartKem sells patent portfolio, discloses control weaknesses amid non-operating loss
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SmartKem deploys $2.3M in convertible bridge loan to Ferrox Critical Minerals with acquisition optionality
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SmartKem regains Nasdaq equity compliance but faces Sept deadline on bid price, one-year monitor
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SmartKem subsidiary CTO Simon Ogier resigns, no disputes cited
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revenue $697,000, net income -$10.5M. SmartKem transfers patent portfolio, burns through cash to amid strategic review
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except number of shares and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | — | 32 | 20 | 55 |
| Cost of revenue | — | 28 | 4 | 29 |
| Gross profit | — | 4 | 16 | 26 |
| Other operating income | — | 279 | 34 | 530 |
| Operating expenses | ||||
| Research and development | 703 | 2,426 | 1,616 | 3,923 |
| General and administrative | 778 | 2,360 | 2,442 | 4,369 |
| Gain on foreign currency transactions | (82) | (131) | (36) | (226) |
| Total operating expenses | 1,399 | 4,655 | 4,022 | 8,066 |
| Loss from operations | (1,399) | (4,372) | (3,972) | (7,510) |
| Non-operating (expense) / income | ||||
| Gain / (loss) on foreign currency transactions | 437 | 1,970 | (373) | 2,939 |
| Loss on the write-off of bad debts | (45,648) | — | (45,648) | — |
| Gain on deconsolidation of investment of subsidiary | 43,308 | — | 43,308 | — |
| Change in fair value of derivative liabilities | — | — | (3,391) | — |
| Change in fair value of convertible notes receivable | (287) | — | (287) | — |
| Expense for commitment shares issued upon signing the equity line of credit (ELOC) | — | — | (11,874) | — |
| Originations fees | 400 | — | 400 | — |
| Loss on settlement of debt | — | — | (371) | — |
| Transaction costs related to debt financing | (64) | — | (131) | — |
| Interest, net | (3) | 3 | (286) | 13 |
| Total non-operating (expense) / income | (1,857) | 1,973 | (18,653) | 2,952 |
| Loss before income taxes | (3,256) | (2,399) | (22,625) | (4,558) |
| Income tax (expense) / refund | (1) | (1) | (1) | 24 |
| Net loss | (3,257) | (2,400) | (22,626) | (4,534) |
| Common share data: | ||||
| Basic and diluted net loss per common share | (0.14) | (0.30) | (1.19) | (0.62) |
| Weighted average shares outstanding basic and diluted | 23,510,439 | 8,070,836 | 18,998,427 | 7,364,145 |
| Net loss | (3,257) | (2,400) | (22,626) | (4,534) |
| Other comprehensive loss: | ||||
| Foreign currency translation | 2,668 | (2,064) | 3,578 | (3,069) |
| Total comprehensive loss | (589) | (4,464) | (19,048) | (7,603) |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except number of shares and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 3,689 | 374 |
| Accounts receivable | — | 3 |
| Research and development tax credit receivable | — | 549 |
| Note receivables | 6,213 | — |
| Prepaid expenses and other current assets | 454 | 575 |
| Total current assets | 10,356 | 1,501 |
| Property, plant and equipment, net | — | 180 |
| Right-of-use assets, net | — | 607 |
| Total assets | 10,356 | 2,288 |
| Liabilities and stockholders’ (deficit) / equity | ||
| Current liabilities | ||
| Accounts payable and accrued expenses | 675 | 4,603 |
| Lease liabilities, current | — | 271 |
| Notes payable, net | — | 928 |
| Deferred revenue | — | 108 |
| Total current liabilities | 675 | 5,910 |
| Lease liabilities, non-current | — | 312 |
| Total liabilities | 675 | 6,222 |
| Contingencies (Note 9) | — | — |
| Stockholders’ equity / (deficit): | ||
| Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, 26,411.5 and 0 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively | — | — |
| Common stock, par value $0.0001 per share, 5,000,000,000 shares authorized, 25,682,643 and 6,839,689 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively | 3 | 1 |
| Additional paid-in capital | 157,433 | 124,772 |
| Accumulated other comprehensive loss | — | (3,578) |
| Accumulated deficit | (147,755) | (125,129) |
| Total stockholders' equity / (deficit) | 9,681 | (3,934) |
| Total liabilities and stockholders’ equity / (deficit) | 10,356 | 2,288 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flow from operating activities: | ||
| Net loss | (22,626) | (4,534) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 65 | 113 |
| Stock-based compensation expense | 467 | 510 |
| Issuance of common stock to vendor | — | 375 |
| Right-of-use asset amortization | 123 | 124 |
| Loss / (gain) on foreign currency transactions | 336 | (3,165) |
| Loss on investment of subsidiary | (43,308) | — |
| Loss on write-off of bad debts | 45,648 | — |
| Expense for commitment shares issued upon signing the equity line of credit (ELOC) | 11,874 | — |
| Change in fair value of derivative liabilities | 3,391 | — |
| Change in fair value of convertible notes receivable | 287 | — |
| Debt discount amortization | 283 | — |
| Loss on the extinguishment of debt | 371 | — |
| Transactions costs allocable to notes payable and equity line of credit (ELOC) | 131 | — |
| Change in operating assets and liabilities: | ||
| Research and development tax credit receivable | — | (259) |
| Prepaid expenses and other assets | (120) | (523) |
| Accounts payable and accrued expenses | (258) | 1,154 |
| Lease liabilities | (57) | (88) |
| Other current liabilities | — | 172 |
| Net cash used in operating activities | (3,393) | (6,121) |
| Cash flows from investing activities: | ||
| Payment for convertible notes receivable | (6,500) | — |
| Deconsolidation of subsidiary | (852) | — |
| Net cash used by investing activities | (7,352) | — |
| Cash flow from financing activities: | ||
| Gross proceeds received related to Common Stock and Warrants Purchase Agreement | 681 | — |
| Payments for financing expense related to Common Stock and Warrants Purchase Agreement | (127) | — |
| Payment for legal expenses related to extinguishment of debt | (10) | — |
| Gross proceeds received related to note payable | 2,625 | — |
| Payment for legal expense related to notes payable | (50) | — |
| Principal payment for the settlement of note payable | (1,100) | — |
| Payment for a release of claims related to notes payable | (300) | — |
| Gross proceeds received related to Common Stock Purchase Agreement | 2,617 | — |
| Payment for financing expense related to Common Stock Purchase Agreement | (189) | — |
| Gross proceeds received related to Preferred Stock and Warrants Purchase Agreement | 8,630 | — |
| Payment for financing expense related to Preferred Stock and Warrants Purchase Agreement | (1,104) | — |
| Payment for financing expense related to equity line of credit (ELOC) | (17) | — |
| Principal payment on the financing of the director and officer insurance policy | (112) | — |
| Proceeds received for exercise of common stock warrants | 37 | — |
| Proceeds received related to equity line of credit (ELOC) | 1,571 | — |
| Net cash provided by financing activities | 13,152 | — |
| Effect of exchange rate changes on cash | 908 | 132 |
| Net change in cash | 3,315 | (5,989) |
| Cash, beginning of period | 374 | 7,141 |
| Cash, end of period | 3,689 | 1,152 |
| Supplemental disclosure of cash and non-cash investing and financing activities | ||
| Right-of-use asset and lease liability additions | — | 653 |
| Initial classification of fair value of derivative liability | 1,460 | — |
| Debt discount related to notes payable | 1,125 | — |
| Conversion of debt to preferred stock and warrants | 7,862 | — |
| Financing of directors' and officers' liability insurance with debt | 112 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except number of shares and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗